Order No.  29  dt.  28/10/2016

      Fact of the case in brief is that the complainants purchased one Credit note being invoice no. GP1110001097 on 30/03/2013 from O.P. The amount of sale price was Rs. 1,40,000/- and date of payment was 29/06/2014. As per  Credit note it was written that the amount would be transferred in the bank A/C mentioned in the authorization letter. After the date of maturity complainants tried to contact with the OP but could not contact due to non-existence of the office at the said  address. Then the complainants  sent  number of letters but all the letters returned with postal remarks ‘left’ and ‘door locked’ finding no other alternative.  The Complainants  approached before Assistant Director,  CA and FBP. But the complainant did not get any response from OP. Hence the application praying for returning of Rs. 1,40,000/-  as the sale price along with interest, compensation and cost.

          O.P. appeared before  this forum and  filed W/V. In their W/V O.P.  admitted that complainant purchased  one Potato Bonds Rs. 1,00,000/- and the date of maturity of which was on 29.06.2014. O.P. also  admitted in the W/V that the return on investment value was Rs.1,40,000/- for that Bond. O.P. also stated  in their W/V that OP has no intention to avoid or to capture the invested amount. They want to refund the invested money after the date of maturity. But, unfortunately SEBI passed an order dated 09.07.2013 that OP to restrain from accessing the security market and prohibited from buying  selling or otherwise dealing in the security market. SEBI already freezed the amount of the O.P. Therefore O.P. is unable to refund the maturity value to the complainant.

          O.P. denied that the complainants are the consumers under the C.P. Act, 1986. Hence they pray for rejecting and quashing the complaint for the ends of justice.

Decisions with reasons  

          We have gone through the petition of complaint, W/V and  documents filed with the complaints’ petition.

          It is evident from the record that the complainants invested Rs.1,00,000/- with OP as short term fixed deposit. OP issued the Credit Note to that effect with assurance to give a lucrative return.  So the complainant is a consumer as per C.P. Act, 1986.

          Now moot question for consideration is whether OP has committed  any deficiency in service. OP has assured that they would return the matured value on the date of maturity. But after the date of maturity when the complainants approached before them, they had already shifted the office.  In their w/v OP admitted  that they had taken the money from the complainant and they are willing to refund the matured amount to the investor. After the date of maturity complainants knocked the door of the OP in various ways but in vain. Complainants invested the money as short term deposit to meet the expenses of marriage   ceremony of their daughter but after the lapse of more than 2 and ½ years the  Complainants did not get any farthing from the OP. So we find deficiency in service on the part of the OP and as such complainants are entitled to get relief.

Hence, ordered

that the OP is directed to refund Rs.1,40,000/- (Rupees one lack forty thousand) only for the Credit Note being invoice no. GP1110001097. O.p. is also directed to give Rs.10,000/- (Rupees ten thousand) only for prolonged harassment and mental agony caused by them and Rs. 5,000/- as litigation cost.

          O.P. is directed to give the aforesaid amount within 30 days from the date of this order, i.d. an interest @ 10% p.a. shall accrue over the entire sum due to the credit of the complainant till full realization.        

          Supply certified copy of this order to the parties free of cost.